HARRISON RUSH & FIREDRILL 360 INVESTMENT BANKING RECRUITING NEWS

MARKET UPDATE 

The recruiting market remains challenging. Typically, this is the busy season as most banks have paid bonuses. The lateral job market has picked up since Q42023 and overall sentiment has improved but things remain slow. Bankers who are employed are not keen to move given the uncertainty and banks are slow to hire those unemployed. Banks are reluctant to hire junior bankers with little closed deal experience. The feedback from hiring managers is that junior bankers struggle with basic technical assessments. This may be due to poor training under Covid and a lack of closed deal experience. Many banks have also failed to digest all the hiring they did in 2020 and 2021. Private Equity may be waiting for at least a few rate cuts before putting money to work.

WORDS OF WISDOM 

Associates who are looking for new roles please keep the following in mind: Review your technical skills, know the deals on your resumes inside and out, keep an open mind.

Vice Presidents: At this level it is time to focus on runway and not execution. If you have a good brand name on your resume as an Associate or VP the next move should be less about brand and more about runway.  

Directors- The Director level in any market is challenging. We have had one Director search in the past year. There will be more non-banking opportunities than lateral banking roles. 

Managing Directors- If you are unemployed it is unlikely you will get a guarantee bonus for 2024. If you are employed, we are seeing 1 year and in some cases 2-year guarantees. 

HOT JOBS 

Vice President – Digital Infrastructure and Enterprise Software– This role is well-suited for a VP who wants to market and grow their own coverage universe. The role is less execution and more marketing, pitching, and meeting clients. The role is not responsible for revenue. You will be acting as the #2 for a senior MD. This can be in NY or Chicago. No H1Bs/ Open to relocation 

Vice President – Tech and Business Services– Execution focused / middle market sell-side M&A. 

Vice President FIG– Multiple roles in Insurance/ Specialty Finance and Banks in NY.  

Associate tech– Multiple roles NY/ BOS/ SF 

 I wish everyone well. I am happy to help.

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